Sir Fred Goodwin drawing a pension of £650,000 a year aged 50

I am not easily shocked, but really.

The BBC reports:

Sir Fred Goodwin, the former chief executive of Royal Bank of Scotland, is already drawing a pension of £650,000 a year, despite only being 50.

The BBC has learned that the pot that generates his pension is worth £16m.

An interesting point is that Goodwin recently told the Commons Treasury select committee that: "My pension is the same as everyone else in the bank who is in a defined benefit pension scheme. It is determined in the same way as anyone else." This appears not to be true.

The BBC report also quotes a statement from RBS:

"The company is taking further legal advice in respect of certain aspects of Sir Fred Goodwin's contractual arrangements and continues to discuss the position with UKFI."

UKFI is UK Financial Investments, the Treasury offshoot that manages public stakes in the banks.

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